VRC confirms sale of Flemington land to Greenland

The Victoria Racing Club has signed a contract to sell two parcels of land at Flemington Racecourse to Chinese high-rise residential developer Greenland.

The sale, foreshadowed by the Australian Financial Review, will net about $45 million for the VRC and will help fund the replacement of the heritage-listed Members’ Old Grandstand with a new “entertainment venue".

The sale, which requires Foreign Investment Review Board (FIRB) approval, is for 10,500 sqm (1.05ha) of unused land on Epsom Road and approximately 30,174 sqm (3.01 ha) of land known as the Hill Precinct behind the main grandstand.

It paves the way for a future high-rise apartment project which could have an end value in excess of $500 million.

The agreement follows the signing of a memorandum of understanding in October between the VRC and Greenland that involved the preparation of a development concept.

The Greens have said they would oppose the development while Moonee Valley mayor, Narelle Sharpe has also expressed concerns.

Development approval will ultimately be decided by Victorian planning minister Matthew Guy.

VRC chief executive David Courtney said VRC would now work with Greenland to facilitate a design competition process with a number of architectural practices.

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The sale will be finalised once the VRC approves the final development concept and all necessary approvals are obtained.

Mr Courtney said the VRC was satisfied the process would deliver a development concept that will complement and respect the Flemington Racecourse precinct.

“The sale is an important milestone in the implementation of the VRC’s ambitious Masterplan, designed to deliver greater benefits to members, patrons, the racing industry and the community," he said.

“The Masterplan includes the construction of a new grandstand and enhanced facilities for all visitors to Flemington, and will ensure the Melbourne Cup Carnival remains Australia’s foremost major event."

Greenland Managing Director Sherwood Luo said: “We are committed to working collaboratively with the VRC to ensure the sale and development provide benefits to the VRC, Flemington and the wider community."

Initial plans for the development will be made available for review and discussion by the mid-2014.